Weichai Power (000338) rose steadily in recent days and rose 8.26% today. The exchange rate was 5.22%. In 2009, the company's downstream construction machinery and heavy truck industry will benefit from investment, will precede macroeconomic recovery. The company's three core businesses will still maintain its competitive advantage and will maintain a good profitability in the future. Today's investment "online analyst" shows: the company's 2008-2010 consolidated earnings per share forecast were 2.72, 2.40 and 2.98 yuan, corresponding to a dynamic price-earnings ratio of 9.4,10.7 and 8.6 times; currently a total of 20 analyst tracking, 5 Analysts recommended “Strong Buyâ€, 10 analysts recommended “Buyâ€, and 5 analysts gave a “wait and see†rating with an overall rating factor of 2.00.
The concentration degree of the diesel engine industry in China is relatively high and it presents a trend of monopoly. The company's products are high-power, high-speed diesel engines. In 2007, the company's high-power diesel engines reached a market share of about 80% in the 15 ton (or above) heavy-duty automotive power supply market, with power supplies for 5 ton (and above) loaders. The market share reaches 78%, the company is
China's internal combustion engine industry continues to maintain its leading position.
The company's major downstream industries are heavy commercial vehicle and loader industries. In the long run, the market for heavy-duty commercial vehicles, especially heavy-duty trucks, is still vast and the structural change of trucks continues. In 2009, both construction machinery and heavy-duty trucks will benefit from the investment boosting of domestic demand, and will become a sub-sector that preceded the macroeconomic recovery. Qilu Securities expects that in the second half of 2009, the heavy truck industry will resume its upward trend. It is expected that heavy truck demand will fall slightly by 5% in 2009. However, the demand growth rate in the second half of 2009 and 2010 will be above 15%.
The company has three major core sectors of heavy truck powertrain (engine + transmission + axle), complete vehicle, and other components. The three major businesses of the company have higher market positions in their respective segments. Ping An Securities said that "Daqiu Diesel" has great development. They have integrated the company's own vehicle + powertrain + other auto parts companies into "Daqiu Diesel", thinking that it has three major characteristics: it is strategic Equity structure; the synergistic effect of the industry chain under independent operations; there is still room for growth in high market share.
Bohai Securities said that the current demand for heavy trucks and construction machinery is at its lowest point, and is expected to pick up in the second quarter of 2009. They judge that the company will maintain its strong profitability in 2009-2010, and provide a target price of 35 yuan in the future. It is recommended to buy.
Risk factors: The country’s macroeconomic policies have a greater impact on the company's business; the company’s control over Shaanxi Zhongqi and Fast and other companies may be limited, and there is a process of internal integration and overall synergies in business operations.
Hydraulic Busbar Cutting Punching Bending Machine
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